This paper continues the data collection procedure and analysis set forth in Nyberg and Vaihekoski (2009). A number of new time series that are commonly used in finance literature are collected, created, and analyzed for the first time. These series include, among others, monthly dividend yields...

We investigate the causes of the Finnish Great Depression, 1990-1993. We find that the collapse of the overheated financial and banking sectors starting in 1989 was the trigger of the economic crisis. Foreign shocks, which include the collapse of trade with USSR in 1991, can account for at most...

This report is the basic documentation of the present (fifth) version of the Bank of Finland macroeconomic model, BOF5, built for policy simulation and forecasting. In constructing the model, consistent treatment of expectations is emphasized. Following current theoretical literature,...

In this paper we analyse the empirical relevance of the mechanisms through which the Bank of Finland's actions are transmitted to the Finnish economy. We concentrate on the first stage of the monetary policy transmission mechanism; namely, the effect of the Bank's actions on domestic market...

Using the maximum entropy method, this paper estimates the danger of contagion in the Finnish interbank market in 2005–2007 as well as the existence of contagion during a Finnish banking crisis. The contagion analysis of the early 1990s is able to predict the most troublesome and defaulting...

This paper is an overview of domestic payment and settlement systems in Finland. It contains an up-to-date description of institutional aspects of payment systems, payment media used by non-banks, interbank exchange and settlement circuits and securities settlement systems. At the end of the...

The possible participation of Finland in the Stage III of the European Monetary Union would constitute a major change in the operating environment of the Finnish economy. As a member of the common currency area, Finnish interest and exchange rates would no longer be determined by domestic...

This paper reviews the first thirty years of finance research and education in Finland, starting with publication of the first dissertation in finance in 1977. That was also the year when the first department of finance was established in Finland – among the first in the Nordic countries. This...

The volume of large-value funds transfers in the money, foreign exchange and securities markets has increased manifold during the last decade. This development has increased interbank debt positions and extensions of intraday credit resulting from payment transactions in the...

This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey...